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Multifamily Property with Seven Units

1216 N Chestnut St, Lansing, MI 48906

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For Sale

$278,000

Seven units, renovated in 2023, excellent investment opportunity.

Type:Multifamily

Property size:

1,824 SF

Price / SF:

$152/SF

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Contact an agent

Dave Robinson

HighLights

7 Units (5 one‑bedroom, 2 studio) offering immediate rental income potential.
Renovated in 2023, minimizing immediate maintenance concerns.
Affordable entry point into the multifamily market.
Zoned R‑6B, located in a desirable area for potential renters.
Located North of Michigan Capital Building.
Additional property available to purchase as a package (826 N. Walnut St.).

For Sale

$278,000

Seven units, renovated in 2023, excellent investment opportunity.

Type:Multifamily

Property size:

1,824 SF

Price / SF:

$152/SF

Added:: Nov 21, 2025
Days on Market:: 228
Last Refresh:: May 8 at 11:54 pm

Property Features for 1216 N Chestnut St

General Information

Standard status: Active
Size: 1,824 SF
Property subtype: Multifamily

Building Details

Year Built: 1889

We can help!

Contact an agent

Dave Robinson

Listing office

Listing date Nov 21, 2025

Source Naiglobal

Displayed information is deemed reliable but is not guaranteed and should be independently verified.

All listing content including descriptions, pricing, images are the copyrighted material of Dave Robinson

HighLights

7 Units (5 one‑bedroom, 2 studio) offering immediate rental income potential.
Renovated in 2023, minimizing immediate maintenance concerns.
Affordable entry point into the multifamily market.
Zoned R‑6B, located in a desirable area for potential renters.
Located North of Michigan Capital Building.
Additional property available to purchase as a package (826 N. Walnut St.).

Overview

This property features seven units, offering an entry point into the multifamily market. The property includes five one-bedroom apartments and two studio apartments across two buildings. The total size of the property is 2,952 square feet. The property was renovated in 2023. Zoned R-6B, the property is located in a desirable area for potential renters, north of Michigan Capital Building. An additional property is available to purchase as a package at 826 N. Walnut St.

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$28.7k	$15.72
− Vacancy	−$1.8k	−$0.97
EGI	$26.9k	$14.75
− OpEx	−$12.1k	−$6.64
NOI	$14.8k	$8.11

1,824 SF · lease $15.72/SF/yr · vacancy 6.20% · expense 45.00%

Alternative Uses

Best Use

Apartment 5plus

$211.3K

$184.9K – $246.6K (±1% cap)

NOI $14,793 @ 7.0% cap · market cap 5.32%

Second Best

—

no second resolved use

Theoretical Best

Office A

$375.5K

$328.5K – $438.0K (±1% cap)

NOI $26,282 @ 7.0% cap · market cap 9.45%

Zoning and permitted uses should be independently verified with local authorities.

Property Profile Location Intelligence

Current Use by Public Records

Chestnut Living Apartments Apartment Building Savi’s Trove Clothing & Fashion Store

Suggested Use

Location Insight

Map
Local Demand

City: Lansing
County: Eaton
State: Michigan
Longitude: -84.5579
Latitude: 42.748

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For sale
Apartment buildings
MI
Lansing
48906
1216 N Chestnut St

What type of property is this?

Apartment building - Seven units, renovated in 2023, excellent investment opportunity.

Where is this apartment building located?

The property is located at 1216 N Chestnut St Lansing, MI.

What is the asking price?

The asking price for this property is $278,000.

What are key features of this property?

This property features: 7 Units (5 one‑bedroom, 2 studio) offering immediate rental income potential.; Renovated in 2023, minimizing immediate maintenance concerns.; Affordable entry point into the multifamily market.